From the shadow bans in the banking sector to the skepticism of national security agencies, the wild west of crypto has often been viewed more as a threat to be contained than an opportunity to be harnessed.

That narrative shifted today.

The Virtual Asset Service Providers Association (VASPA), a Pan-African industry association, has officially unveiled Project Green-White-Green, a comprehensive whitepaper that aims to do the unthinkable: bridge the gap between the chaotic liquidity of global digital assets and the structured requirements of the Nigerian state.

This isn’t just a policy paper; it is a multi-billion dollar roadmap designed to integrate an estimated $92.1 billion in annual virtual asset volume into the formal economy.

Protecting the Naira: From Restrictions to Dynamic Alignment

Perhaps the most topical issue for Nigerians today is the volatility of the Naira. In a bold move, VASPA’s Market Integrity pillar proposes a dynamic FX alignment  standard. Instead of trying to shut down markets, an effort that often only drives them deeper underground, the framework suggests linking trading spreads to official NAFEM rates.

This coordinated superhighway aims to end the fragmented oversight that sees operators bouncing between the SEC, CBN, and CAC.

By resolving the chicken-and-egg paradox, where the CAC won’t incorporate a business without a SEC license, and the SEC won’t license without incorporation, the project clears the path for indigenous “Web3” startups to flourish legally.

A National Security Asset, Not a Threat

For the security conscious, the whitepaper flips the script on anonymity. Through mandatory integration with the National Identity Management Commission (NIMC), the framework seeks to ensure every participant is a verified, accountable citizen.

“We are no longer waiting for the future of finance to happen to Nigeria; we are architecting it,” said Franklin Peters, executive chair of VASPA and CEO/founder of Boundlesspay. “One of our country-specific, practitioner-led projects for the constructive realignment of the virtual asset sector, Project Green-White-Green is the definitive roadmap for any serious operator or investor who wants a stake in the next decade of our digital economy. While Project Green-White-Green is designed for Nigeria, similar projects will be designed for other key African markets as well. This is because the regulatory landscape is fundamentally shifting. Those who align with this framework will lead in what we consider Nigeria’s most massive growth phase.”

The $1 Trillion Ambition and the Fiscal Opportunity

As the Federal Government pursues an ambitious goal of a $1 trillion economy by 2030, the question of “where will the revenue come from?” looms large. Project Green-White-Green answers this with Pillar III: Fiscal Sovereignty.

The whitepaper reveals that between July 2024 and June 2025 alone, Nigerians conducted over $92 billion in transactions, most of which generated zero tax revenue due to a lack of infrastructure. VASPA’s solution? zero-friction automated taxation.

By proposing an API-driven interface that automates VAT and Capital Gains Tax (CGT) at the point of transaction, the project promises to turn a “grey market” into a sustainable revenue engine for the Federation.

To encourage this shift, the project advocates for a “Clean Slate” regularization, removing the fear of retroactive liability for those who operated during previous periods of regulatory ambiguity.

The Architect’s View

The development of this framework was not just an industry wish-list, but an exercise in deep technical and legal alignment.

“This whitepaper is the culmination of meticulous legal, technical, and economic engineering,” stated Favour Uche, project manager for Project Green-White-Green and Star Associate at Infusion Lawyers. “We didn’t just compile industry feedback, but articulated and aggregated them into the frameworks proposed, ensuring alignment with national interest. We are now fully prepared to take this blueprint to the highest levels of government. The groundwork is officially laid, and the execution phase begins now.”

The Safe Harbor: A Bridge to the Future

Recognizing that you cannot change an entire industry overnight, VASPA has proposed a Safe Harbor Pilot. This acts as a non-punitive protected window where operators can transition into full compliance under the watchful eye of regulators without the threat of immediate penalties.

This pilot includes a 24-Month Sovereign Integration Roadmap, specifically designed to bring global offshore exchanges into the fold as Digital Residents, eventually requiring them to localize operations, pay taxes, and partner with indigenous firms to upskill Nigerian talent.

With the successful exit from the FATF Grey List in October 2025, Nigeria has already proven its commitment to global financial standards.

Project Green-White-Green is the next logical step, a sophisticated, made-in-Nigeria response to the global crypto phenomenon.

As the document moves toward high-level engagements with the CBN, SEC, NFIU, NRS, EFCC, ONSA, the Presidency in Abuja, the message to the industry and the government is clear: The digital economy is no longer a peripheral experiment. It is a sovereign priority.

*Project Green-White-Green is the primary instrument for VASPA’s upcoming engagements with Nigeria’s top financial and security authorities. The public version is currently available here.

The post VASPA Launches Project Green-White-Green to Mainstream Nigeria’s $92bn Crypto Economy appeared first on Tech | Business | Economy.

It represents not only a victory for regulators in Abuja but also a major relief for banks, fintechs, and other businesses that have endured the reputational and operational penalties of grey-listing.

For nearly three years, Nigeria’s financial system carried the tag of a “jurisdiction under increased monitoring,” a designation that added friction to international transactions, raised the cost of capital, and chilled investor confidence.

The decision by the FATF to delist Nigeria restores a measure of trust that is critical to cross-border trade, investment, and digital finance.

Yet it also presents a challenge: to consolidate these gains and avoid a relapse into the conditions that triggered the listing in the first place.

How Nigeria Landed on the Grey List

Nigeria was placed on the FATF grey list on February 24, 2023, after the global watchdog identified “strategic deficiencies” in its anti-money-laundering and counter-terrorist-financing (AML/CFT) systems.

The concerns ranged from weak enforcement outcomes and limited access to beneficial ownership information to coordination gaps among supervisory bodies.

The listing carried real economic costs. Correspondent banks demanded heightened due diligence, cross-border payments slowed, and international lenders attached higher risk premiums to Nigerian transactions.

Analysts and multilateral institutions, including the IMF, warned at the time that grey-listing could raise Nigeria’s cost of capital and complicate foreign exchange inflows.

The Road to Redemption

Nigeria’s delisting was not accidental. It was the outcome of a sustained, multi-agency effort spanning nearly three years.

The government implemented a comprehensive action plan to address FATF’s recommendations, strengthened its legal and institutional frameworks, improved access to beneficial ownership data, and enhanced cooperation among regulatory agencies.

The Nigerian Financial Intelligence Unit (NFIU), Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), and other key institutions worked in concert to show measurable improvements in supervision and enforcement. FATF’s October 2025 plenary, which confirmed Nigeria’s removal from the list, cited these outcomes, particularly improved oversight and inter-agency coordination, as decisive factors.

The Benefits: Credibility Restored

Delisting brings tangible economic and reputational benefits. The immediate impact is the reduction of the so-called “grey list premium”, the higher transaction and compliance costs imposed by foreign partners. Nigerian banks and fintechs can now expect smoother correspondent relationships and less cumbersome international payment processing.

Investor confidence, long dampened by concerns over regulatory reliability, is also expected to rebound. Easier access to capital and renewed interest from institutional investors could accelerate deal-making in Nigeria’s fast-growing fintech and digital sectors.

Moreover, macroeconomic stability stands to gain as lower risk premiums ease fiscal pressure and improve Nigeria’s borrowing profile.

The country’s financial ecosystem, spanning traditional banks to emerging digital platforms, now enjoys an opportunity to rebuild global confidence and expand its participation in international finance.

What Businesses Must Do Next

However, delisting is not a guarantee of permanence. It should be viewed as a platform for competitiveness rather than a signal for complacency. Firms must take proactive steps to deepen compliance and strengthen internal governance.

Investments in RegTech, artificial intelligence-driven transaction monitoring, and automated beneficial ownership screening can help financial institutions enhance transparency and efficiency. Updating investor communications and client onboarding narratives to reflect Nigeria’s improved global standing can also rebuild trust.

Furthermore, fintechs and banks should re-engage paused international partnerships, renegotiate correspondent arrangements, and align their compliance frameworks with international best practices. Active participation in regulatory sandboxes and industry working groups can ensure that the private sector remains part of the reform process, not a bystander to it.

Avoiding a Return to the Grey List

Delisting is fragile by nature. FATF retains the authority to re-list jurisdictions that backslide on commitments.

To avoid this, Nigeria must institutionalize enforcement rather than rely solely on legislative reform. Laws are important, but consistent investigation, prosecution, and sanctions are what sustain credibility.

Supervision should also become data-driven, leveraging real-time intelligence sharing among the NFIU, CBN, SEC, and customs authorities. Transparency in beneficial ownership registries must be maintained, with access for regulators and reporting entities while safeguarding privacy and preventing misuse.

Crucially, public–private collaboration should be embedded as a permanent feature of Nigeria’s financial integrity framework. Banks and fintechs, often the first to detect suspicious activity, must have clear, trusted channels to report and receive timely regulatory support.

Regulators, for their part, must strike a balance, keeping compliance requirements firm yet innovation-friendly.

Tiered KYC for low-value transactions, proportionate supervision, and continuous capacity building for enforcement officers will help sustain progress without stifling the growth of the digital economy.

A Victory Worth Guarding

Nigeria’s exit from the FATF grey list is a major policy achievement. It reaffirms the country’s capacity to reform under pressure and signals to global partners that its financial system is moving toward greater transparency and accountability.

But this milestone must not be mistaken for the finish line. The true measure of success lies in whether Nigeria can maintain enforcement consistency, deepen institutional coordination, and embed compliance culture across both public and private sectors.

For businesses, the moment calls for renewed discipline and strategic foresight. For regulators, it demands vigilance and continuous reform.

If both sides rise to the occasion, Nigeria stands to gain lower financing costs, deeper global integration, and a stronger digital economy. But if complacency takes hold, the shadow of the grey list could reappear sooner than expected.

The task ahead is clear: reclaim trust, and keep it.

The post Reclaiming Trust: Nigeria’s Road off the FATF Grey List appeared first on Tech | Business | Economy.

Speaking on a televised programme, Agama described the delisting as a “welcome call to new investments” and a clear indicator of Nigeria’s improved anti-money-laundering (AML) and counter-terrorist-financing (CTF) frameworks.

He said the decision sends a strong message to global investors and trading partners that Nigeria’s financial system is becoming more transparent and trustworthy.

The delisting follows the country’s implementation of a 19-point FATF action plan and marks the culmination of years of regulatory reform by agencies including the Nigerian Financial Intelligence Unit (NFIU).

Agama acknowledged the roles of the NFIU, the National Security Adviser’s office, the Federal Ministries of Finance and Budget, and the Judiciary in achieving this outcome.

Why This Matters for Tech and Finance

• Lower funding costs & faster flows: Delisting is expected to ease cross-border payments, reduce global risk premiums and make foreign capital more accessible for Nigerian fintechs and tech firms.
• Enhanced credibility: Tech companies, especially those in fintech, data services and digital payments, gain a stronger regulatory backdrop when raising capital or forming partnerships abroad.
• Growth-enabling environment: With improved institutional backing, Nigeria stands to benefit from renewed investor appetite – particularly in infrastructure, fintech innovation and digital transformation.
• Operational clarity: Global partners and platforms can operate with more confidence, given that regulatory risk has been reduced in the AML/CTF dimension.

Outlook & Next Steps

While the delisting is important, Agama noted that the real test lies in consistent enforcement and sustaining regulatory gains.

As Nigeria moves to leverage this milestone, the onus will be on institutions to maintain high standards of compliance, and on the private sector to capitalize on the improved environment.

For tech-driven businesses, especially those operating in fintech, payments, data and cross-border services, this development reaffirms Nigeria as a viable investment destination, the regulatory cloud has lifted, and a clearer path to growth lies ahead.

[Sources: ThisDayLive+1 | Reuters]

The post Nigeria’s Delisting from Financial Action Task Force (FATF) Grey List a Boost for Investor Confidence – SEC DG appeared first on Tech | Business | Economy.

Nigeria’s mobile money sector experienced significant growth, in 2024, marked by substantial increases in transaction volumes, user adoption, and strategic investments.

For instance, between January and July 2024, licensed mobile money operators, including PalmPay, processed transactions totaling ₦41.5 trillion.

This represents a 74% increase compared to the ₦23.9 trillion recorded during the same period in 2023.

Given that the total transaction value for the entire year of 2023 was ₦46.6 trillion, the 2024 figures indicate a trajectory toward surpassing previous records.

Flip to 2025, PalmPay is forecasting that with smartphone penetration projected to reach 65% by 2026 as well as improved internet infrastructure, more Nigerians will be enabled to access mobile money services.

Speaking during a media parley at their Lagos office, Chika Nwosu, the managing director, PalmPay, reiterated that smartphone penetration, internet connectivity and innovative technologies as key factors that are crucial to increased access to mobile money services in Nigeria.

According to him, with smartphone penetration projected to reach 65% by 2026 as well as improved internet infrastructure, more Nigerians will be enabled to access mobile money services.

He disclosed that, with fintech companies such as PalmPay evolving through digital wallets and seamless payment gateways, accessibility to mobile money service was bound to expand soon.

He emphasized that with demand for affordability of financial services growing, more opportunities would be unlocked for PalmPay in the nearest future.

“From under 10,000 agents in 2015 to over 1.5 million agents in 2023, agent networks have become the backbone of mobile money operations in Nigeria. For this reason, we are more likely to see a sharp increase in the number of mobile money agents and merchants. Apart from that, MMOs will increasingly use artificial intelligence to improve customer experiences, such as machine learning, predictive analytics, and fraud detection,” he said.

Donald Ubeh, head, Risk and Compliance, MLRO at PalmPay, in a presentation on impact of Fintech, stated that with more collaboration with regulators and other financial institutions, it was only a matter of time that Nigeria’s name will be expunged from the list.

While highlighting the impact of fintech companies such as PalmPay, Ubeh explained that the berth of PalmPay has led to economic empowerment particularly for individual users and several Small and Medium Scale enterprises.

He noted that many Nigerians including bank customers have migrated their funds to PalmPay owing to convenience and accessibility it provides.

He added that mobile money operators were conceived with the aim of driving financial inclusion for the underserved and unbanked population.

According to EFInA, increasing adoption of fintech companies by Nigerians has led to increase in financial inclusion rate by 13% in 13 years.

In his presentation, Femi Hanson, head, Marketing and Communications, PalmPay, disclosed the company’s seven (7) Mobile Money Forecasts for 2025:

1. Financial Inclusion

Fintech companies integrated innovative technologies, such as digital wallets and seamless payment gateways, USSD to expand service accessibility.

2. Collaboration with Regulators, Financial Institutions

More Fintech collaboration with regulators is crucial to fostering a stable financial ecosystem and address compliance concerns to ensure that Nigeria’s removal from the FATF grey list.

Interestingly, just last Friday, the Nigerian government, through the efforts of the National Information Technology Development Agency (NITDA), and the Nigerian Financial Intelligence Unit, (NFIU) have kick-started an initiative that would ensure the exclusion of the country from the FATF Grey List by May 2025.

This initiative was a directive of President Bola Tinubu to the request of the NFIU to develop and implement an Anti-Money Laundering/Counter Financial Terrorism/Counter Proliferation of Firearms Data Management Framework and Platform in collaboration with NITDA. [READ MORE here]

3. Increased Smartphone Adoption

PalmPay has said that increased adoption of smartphones and Internet connectivity will enable more Nigerians to have access to mobile money services, particularly the unbanked and underserved.

Smartphone penetration is projected to reach 65% by 2026, will enable more Nigerians to access mobile money services. – PalmPay

4. Increased Demand for Affordability

The demand for affordable offerings and savings will increase and this is where the fintech will plug in.

5. Extensive Agency Network

From under 10,000 agents in 2015 to over 1.5 million agents in 2023, agent networks have become the backbone of mobile money operations in Nigeria. “We expect to witness growth in this aspect”, Mr. Hanson said.

6. Expansion of AI, Blockchain, and Big Data.

MMOs will increasingly use artificial intelligence to improve customer experiences, such as through machine learning, predictive analytics, and fraud detection.

7. Diversification of Digital Services

“We will see more operations in insurance tech, health tech, savings & wealth all on the fintech platform”, he added.

PalmPay Story:

PalmPay is an emerging markets-focused, multinational fintech founded in 2019.

By leveraging cutting-edge technology, the Fintech makes world-class financial services available to the mass market in regions that need it the most.

PalmPay operates Nigeria’s biggest financial app by monthly active users of 16 million and are rapidly expanding into new markets.

Today, PalmPay serves over 35 million customers and 1.2 million business users with digital accounts, real-time payments and savings and credit solutions.

The post PalmPay: 7 Mobile Money Forecasts for 2025 appeared first on Tech | Business | Economy.